Munich Personal RePEc Archive

Hubungan Asuransi dan Pertumbuhan Ekonomi di Indonesia

Nizar, Muhammad Afdi (2016): Hubungan Asuransi dan Pertumbuhan Ekonomi di Indonesia.

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Abstract

This study aims to examine the relationship between insurance and economic growth in Indonesia in the period 1984 - 2014. Using time series data and the Vector Autoregressive (VAR) model, this study analyzes the effect of insurance variables on economic growth and the effect of economic growth on insurance variables. The analysis shows that: (i) life insurance premiums have a positive effect on economic growth for 7 periods (years); (ii) non-life insurance premiums have a positive effect on economic growth for 4 years; (iii) the number of insurance policies negatively influences economic growth for 4 years. On the other hand, the results of the analysis show that economic growth: (i) has a positive effect on the growth of life insurance premiums for a year; (ii) a positive effect on the growth of non-life insurance premiums for a year; and (iii) has a negative effect on the growth of the number of insurance policies for 2 years. Therefore, it needs various efforts that can transform the habits of the people who were originally still low in interest (literacy) to invest in insurance activities and products into an insurance-literate society.

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